Steve Elliott, chief executive of the Chemical Industries Association, says Yes. Concerns that UK energy is expensive, and may be insecure, undermine investment. We need firms to invest in the UK, and fracking for shale will help. The UK chemical industry supports the development of unconventional gas (including shale gas) while protecting the environment, public health and ensuring that communities receive associated benefits. Extraction of shale gas will create skilled jobs, directly increase GDP and help to reduce our trade deficit. It is likely to bring downward pressure on energy prices, and lead to further gains in output in the rest of the economy – as in the U.S. – which is seeing a $150bn boom in petrochemicals investment. Shale gas producers will pay substantial taxes to the Treasury on their production income, and will also provide benefits to local communities. Investment in shale gas production could reach £3.7bn […]